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NAR Practice Changes Begin Aug. 17

The changes were reviewed by the MLS Emerging Issues and Technology Advisory Board and adopted by the National Association of Realtors® Leadership Team.

WASHINGTON – The National Association of Realtors® (NAR) policy changes are due to go into effect Aug. 17.

The practice changes required by the settlement are as follows:

  • Eliminate and prohibit any requirement of offers of compensation in the MLS between listing brokers or sellers to buyer brokers or other buyer representatives.
  • Retain and define “cooperation” for MLS participation.
  • Eliminate and prohibit MLS participants, subscribers and sellers from making any offers of compensation in the MLS to buyer brokers or other buyer representatives.
  • Require the MLS to eliminate all broker compensation fields and compensation information in the MLS.
  • Require the MLS to not create, facilitate or support any non-MLS mechanism (including by providing listing information to an internet aggregator’s website for such purpose) for participants, subscribers or sellers to make offers of compensation to buyer brokers or other buyer representatives.
  • Prohibit the use of MLS data or data feeds to directly or indirectly establish or maintain a platform of offers of compensation from multiple brokers or other buyer representatives. Such use must result with the MLS terminating the participant’s access to any MLS data and data feeds.
  • Reinforce that MLS participants and subscribers must not, and MLSs must not, enable the ability to filter out or restrict MLS listings that are communicated to customers or clients based on the existence or level of compensation offered to the cooperating broker or the name of a brokerage or agent.
  • Require compensation disclosures to sellers, as well as prospective sellers and buyers.
  • Require MLS participants working with a buyer to enter into a written agreement with the buyer prior to touring a property.

More information regarding the practice changes and effective date is available in NAR’s settlement FAQs. A detailed summary of the policy changes is available online at: facts.realtor

Source: 2024 National Association of Realtors® (NAR)

© 2024 Florida Realtors®

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